According to the report, the global market was valued at US$ 50.62 Billion in 2017 and recent technological advancements are likely to drive this market to reach a value of US$ 68.82 Bn by 2025.
Relaxation in Regulatory Compliances is Encouraging Manufacturers
Less stringent rules for product approvals are encouraging many companies to invest in the manufacturing of these products. Furthermore, investment towards research and development of crop protection chemicals is poised to surge in the coming years. The aforementioned factors have had a direct impact on the global market and are likely to create growth opportunities in the market over the forecast period.
KEY COMPANIES COVERED IN THE REPORT
- Bayer Crop Science
- FMC Corporation
- Adama Argentina
- Sumitomo Chemical: Group Companies of the AmericasUPL Ltd.
- Synthetic Chemicals
By Mode of Application
- Foliar Spray
- Soil Treatment
- Seed Treatment
By Crop Type
- Fruits & Vegetables
- Other Crops
Increasing Demand for Biofuels to Drive the Market
Growth in biofuel crops farming in Latin America may boost the crop protection chemicals market in this region in the near future. Biofuels are derived from crops such as sugarcane, rapeseed, wheat, soybean and corn and these crops are produced in abundance. The crop protection chemicals market in Asia Pacific is likely to expand at a high rate due to the increasing demand for biofuels. The increasing demand for biofuels has lessened the dependency on conventional fuels and this factor may drive the regional market in the forthcoming years.
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